The rating on Louisiana Public Facilities Authority's equipment and capital facilities pooled loan program revenue bonds series 2003A is based on application of joint and several criteria based on an irrevocable fronting LOC provided by Hibernia National Bank of New Orleans ('BBB+/A-2') and a confirming LOC provided by Lloyds TSB ('AA/A-1+'). The LOC provides coverage for all principal and interest bond payments, including the purchase price of tendered bonds. The LOC covers 106 days' interest at a maximum rate of 12%. The LOC expires on April 29, 2008. The confirming LOC covers all payments in the event the fronting bank does not honor a draw request. The confirming LOC terminates on April 29, 2004, at which time the rating will
